Oahu Market Conditions Favorable for Spring Buyers
More Homes Listed at Entry-Level Prices than Last Year
HONOLULU – (May 6, 2019) – Locations—Hawaii’s leading real estate firm— published its Oahu Residential Real Estate Report for the 12-month period of May 2018 to April 2019. This is a comparison to the previous 12-month period of May 2017 to April 2018:
- Single-family home median prices continue to rise, but not as sharply, climbing three percent over the past year to $789,000. Condominium median prices were flat at $418,000.
- Sales remain below last year’s levels, with nine percent fewer single-family home sales and eight percent fewer condo sales.
- Homes are on the market slightly longer than last year, with single-family homes on the market for a median of 21 days—an increase of five days—and condos on the market for a median of 22 days—an increase of just three days.
- There are 24 percent more single-family homes and 21 percent more condos for sale this year than last year.
- Bid-ups—one measure of competition—have returned to 2015 levels, with 23.7 percent of single-family homes and 15.6 percent of condos sold for above asking in the past year, a decrease of 20 and 32 percent, respectively.
“Current market conditions are favorable for first-time homebuyers, move-up buyers and investors,” said Scott Higashi, president and CEO of Locations. “Many move-up buyers and investors have significant equity in their current properties. With interest rates that are considerably lower than they were a year ago and more properties to choose from buyers are finding they have more options to trade up to than they’ve had in years,” he noted.
Higashi added that while more homes and condos are for sale islandwide, at the neighborhood level inventory is up in 53 percent of single-family home neighborhoods and 50 percent of buildings. Therefore, it’s important for homebuyers and sellers to understand the market dynamics of their particular neighborhood or building, or even section of that neighborhood or building.
He emphasized that partnering with a REALTOR® who has access to detailed neighborhood data can help buyers and sellers to make more informed real estate decisions.
“Another bright spot for buyers is that inventory is growing across nearly all price points. We’re seeing more homes for sale at entry-level price points this spring,” Higashi said.
At the end of April 2019, there were 267 active single-family homes listings priced between $600,000 and $800,000—99 more than at the end of April 2018. There were also 487 condos for sale priced between $200,000 and $400,000—an increase of 91 units over the previous year.
About Locations As the state’s oldest and leading independent real estate firm, our trusted Neighborhood Experts have served Hawaii’s families since 1969. For 50 years, Locations has helped more people buy or sell their homes than any other real estate firm in the state. With our rich kama’aina roots, innovative technology and dedicated market-research department, Locations continues to be at the forefront of this ever-changing industry. With nearly 300 agents and five offices across Oahu and one on Maui, our Neighborhood Experts live where you live. Through our non-profit, the Locations Foundation, our agents and staff support more than 100 Hawaii non-profit organizations both through monetary donations and volunteer hours. Visit LocationsHawaii.com/about-us today to learn more. For up-to-date Hawaii real estate updates, follow Locations on Facebook at: www.facebook.com/LocationsHawaii, Twitter at @LocationsHI, Instagram at @LocationsHawaii, and LinkedIn at www.linkedin.com/company/locations-hawaii. Read the Locations blog at: www.LocationsHawaii.com/news.